Arizona Form 308-I - Credit For Increased Research Activities - Individuals

AZ Form 308-I (2004) Page 2

Part IV Calculation of Credit Carryover Limitation

(Carryovers from taxable years beginning January 1, 2001 through December 31, 2002)

The portion of the available credit carryovers included in the amount from Part III, line 16, that may be claimed by the taxpayer is limited to the LESSER

OF: (a) the tax liability [Form 301, Part II, line 32], or (b) $500,000, MINUS the current year credit for increased research activities (regardless of the

amount of the current year credit that is claimed on the tax return). [If the current year credit for increased research activities is $500,000 or more, the

taxpayer cannot use the credit for increased research activities carryover in that taxable year.]

17 Available credit carryover - amount from Part III, line 16.................................................................................................................

18 Tax liability - amount from Form 301, Part II, line 32 .......................................................................................................................

$500,000

19 .........................................................................................................................................................................................................

20 Enter the lesser of line 18 or line 19 ................................................................................................................................................

21 Current taxable year’s credit - total of amounts from Part I, line 12, and Part II, line 13 .................................................................

22 Subtract line 21 from line 20. Enter the difference. (If this is a negative amount, enter zero) .......................................................

23 Enter the lesser of line 17 or line 22. This is the maximum amount of the credit carryover that may be claimed ..........................

NOTE: The amount of the credit carryover claimed on the tax return may be further reduced if the taxpayer claims other nonrefundable tax credits.

Part V

Total Available Credit

24 Current taxable year’s credit - add amounts from Part I, line 12, and Part II, line 13 ......................................................................

25 Credit carryover - amounts from Part IV, line 23. (see instructions) ................................................................................................

26 Total available credit - add lines 24 and 25. Enter total here and on Form 301 Part I, line 6........................................................

ADOR 91-5377 (04)

Arizona Form 308-I - Credit For Increased Research Activities - Individuals - 2004 Page 2

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